Palomar Holdings, Inc. (NASDAQ:PLMR) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 2.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 193,145 shares of the company’s stock after selling 5,796 shares during the period. Bank of New York Mellon Corp owned about 0.72% of Palomar worth $26,476,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PLMR. Vanguard Group Inc. lifted its stake in Palomar by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 2,574,923 shares of the company’s stock valued at $271,886,000 after buying an additional 53,123 shares in the last quarter. American Century Companies Inc. lifted its stake in Palomar by 36.6% in the 4th quarter. American Century Companies Inc. now owns 785,419 shares of the company’s stock valued at $82,932,000 after buying an additional 210,523 shares in the last quarter. Geode Capital Management LLC lifted its stake in Palomar by 3.1% in the 4th quarter. Geode Capital Management LLC now owns 618,840 shares of the company’s stock valued at $65,358,000 after buying an additional 18,748 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Palomar by 3.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 561,740 shares of the company’s stock valued at $59,313,000 after buying an additional 17,320 shares in the last quarter. Finally, Artemis Investment Management LLP lifted its stake in Palomar by 17.0% in the 1st quarter. Artemis Investment Management LLP now owns 532,554 shares of the company’s stock valued at $73,003,000 after buying an additional 77,472 shares in the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Truist Financial raised their price target on shares of Palomar from $150.00 to $178.00 and gave the company a “buy” rating in a research note on Tuesday, April 15th. JPMorgan Chase & Co. raised shares of Palomar from a “neutral” rating to an “overweight” rating and raised their price target for the company from $115.00 to $150.00 in a research note on Tuesday, April 8th. Jefferies Financial Group raised their price target on shares of Palomar from $145.00 to $168.00 and gave the company a “buy” rating in a research note on Friday, April 11th. Evercore ISI raised their price target on shares of Palomar from $163.00 to $168.00 and gave the company an “in-line” rating in a research note on Friday, May 30th. Finally, Wall Street Zen downgraded shares of Palomar from a “buy” rating to a “hold” rating in a report on Saturday, July 5th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Palomar presently has a consensus rating of “Moderate Buy” and a consensus price target of $174.17.

Palomar Trading Up 1.5%

PLMR stock opened at $144.07 on Thursday. The company has a market cap of $3.85 billion, a price-to-earnings ratio of 28.76 and a beta of 0.46. Palomar Holdings, Inc. has a 12 month low of $82.55 and a 12 month high of $175.85. The firm has a 50-day moving average of $156.54 and a two-hundred day moving average of $136.74.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Monday, May 5th. The company reported $1.87 EPS for the quarter, beating analysts’ consensus estimates of $1.61 by $0.26. The company had revenue of $174.63 million during the quarter, compared to the consensus estimate of $161.97 million. Palomar had a net margin of 21.99% and a return on equity of 20.56%. During the same quarter in the prior year, the firm earned $1.09 EPS. As a group, equities analysts forecast that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Insider Transactions at Palomar

In other news, insider Timothy Carter sold 473 shares of the firm’s stock in a transaction that occurred on Saturday, June 28th. The shares were sold at an average price of $153.65, for a total transaction of $72,676.45. Following the completion of the sale, the insider owned 361 shares in the company, valued at $55,467.65. This trade represents a 56.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Mac Armstrong sold 3,191 shares of the firm’s stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $143.10, for a total transaction of $456,632.10. Following the sale, the chief executive officer owned 73,245 shares of the company’s stock, valued at $10,481,359.50. This represents a 4.17% decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,164 shares of company stock worth $3,087,639 in the last 90 days. Insiders own 3.70% of the company’s stock.

Palomar Company Profile

Palomar Holdings, Inc, a specialty insurance company, provides property and casualty insurance to residential and businesses in the United States. The company offers personal and commercial specialty property insurance products, including residential and commercial earthquake, fronting, commercial all risk, specialty homeowners, inland marine, Hawaii hurricane, and residential flood, as well as other products, such as assumed reinsurance.